New Crypto ETFs to Watch in 2025: Top 10 Funds Likely to Launch by the End of Summer

The summer of 2025 is shaping up to be a breakthrough season for crypto exchange-traded funds (ETFs) beyond just Bitcoin and Ethereum. In the first half of the year, U.S. regulators gave the green light to several spot Bitcoin ETFs (in January) and Ethereum ETFs (by early summer), opening the floodgates for a wave of altcoin ETF applications.

Top analysts are now nearly certain that numerous crypto spot ETFs – covering major altcoins and even novel blockchain tokens – will be approved in the coming months. Some have dubbed it “crypto ETF summer,” as the first U.S. altcoin ETF has already launched and odds of approval for others are climbing rapidly. If these ETFs roll out as expected by late summer, they could mark a pivotal expansion of crypto into mainstream finance, allowing investors to gain exposure to a broad range of digital assets through familiar investment channels.

What exactly are the most anticipated crypto ETFs on the horizon? Below, we spotlight 10 upcoming crypto ETFs that experts believe could go live by the end of this summer (2025). These include ETFs targeting popular layer-1 blockchains, a legendary meme coin, innovative DeFi tokens, and even index funds covering multiple cryptocurrencies. We’ll examine the status of each proposal, expert opinions on their approval chances, the reasons behind their creation, and the potential consequences for both the crypto market and traditional investors.

1. Solana (SOL) ETFs – Leading the Altcoin ETF Charge

Solana is at the forefront of the altcoin ETF movement. In early July 2025, the first-ever U.S. altcoin ETF launched – and it’s based on Solana. ETF issuer REX Shares debuted the REX-Osprey Solana Staking ETF (ticker: SSK), which became the first fund in the U.S. to hold and stake a cryptocurrency (Solana) for yield. This “staked SOL” ETF uses a creative structure (an C-corp under the Investment Company Act of 1940) that allowed it to bypass the usual SEC approval process for spot ETFs. Analysts noted that REX had taken a “regulatory end-around” by agreeing to hold 40% of the fund’s assets in other regulated products – a compromise that satisfied the SEC and enabled an imminent launch of the Solana ETF. As Bloomberg’s Eric Balchunas quipped, “all systems go” was the signal for the first altcoin ETF hitting the market.

The success of Solana’s ETF debut is raising confidence that traditional spot Solana ETFs will soon follow. In fact, multiple asset managers had filed for spot SOL ETFs even before this launch. Firms like VanEck, 21Shares, Bitwise, Grayscale, Canary, Franklin Templeton and others all submitted Solana ETF proposals over the past year. These ETFs would hold SOL tokens one-for-one in custody (similar to a Bitcoin ETF) and simply track Solana’s market price. Industry observers believe the SEC is now inclined to approve one or more of these SOL funds. Analysts at Bloomberg Intelligence recently raised the approval odds for a Solana spot ETF to 90–95% by the end of 2025, reflecting increased regulatory engagement and the precedent set by Bitcoin/Ethereum funds. In other words, it’s now viewed as when, not if, a spot SOL ETF gets the green light.

“Get ready for a potential altcoin ETF summer,” Balchunas said in June, after noting strong signals from the SEC. Another ETF analyst concurred that the question of approvals is “a matter of when, not if.”

Why Solana? As one of the largest smart contract platforms, Solana has a thriving ecosystem (DeFi, NFTs, Web3 apps) and is often seen as Ethereum’s closest rival in functionality. Its network is known for high throughput and low fees, making it attractive to developers and users. These fundamentals, plus Solana’s consistent top-10 market capitalization, make it a logical choice for an institutional investment product. There is one lingering concern: whether Solana might be deemed a security by regulators (due to past sales or network centralization debates). However, Solana futures have already been approved – the CME is launching SOL futures contracts in 2025 – which suggests regulators are comfortable with SOL as an investable asset. Indeed, the infrastructure for Solana ETFs is forming rapidly. Two Solana futures-based ETFs (tickers SOLZ and SOLT) listed on U.S. exchanges earlier in 2025, and now the first spot-based Solana product (SSK) is live. All these developments point toward spot Solana ETFs soon becoming reality.

Expected impact: A Solana ETF approval would be significant on multiple levels. It would broaden access to SOL for investors who prefer regulated stock-market instruments over crypto exchanges or custody. This could unlock fresh demand; Nasdaq analysts project $3–6 billion of inflows could pour into Solana funds if approved. Such inflows would likely boost SOL’s price and liquidity. Moreover, Solana’s validation as an ETF asset could enhance its perceived legitimacy and staying power – important for a network that faced challenges (like a 2022 outage) but has since shown resilience. Finally, Solana’s ETF could open the door for other layer-1 blockchain ETFs, as it sets a template for how to handle non-Bitcoin crypto assets. As one market strategist put it, “Crypto ETF summer commences” with Solana’s launch, signaling that the SEC is incrementally more open to a variety of crypto assets.

2. Ripple (XRP) ETFs – Bridging Regulatory Hurdles to Wall Street

If Solana is leading the technical charge, Ripple’s XRP is testing the regulatory waters. XRP’s journey to an ETF has unique drama: it was the subject of a high-profile SEC lawsuit in 2020–2023 over whether it’s an unregistered security. Ripple scored a partial legal victory in 2023, establishing that XRP is not a security when sold on secondary markets (though the legal status in other contexts remains a gray area). This clarification emboldened asset managers – starting in late 2024, a flood of spot XRP ETF filings hit the SEC’s desk. Bitwise kicked it off in October 2024 with the first S-1 for an XRP Trust. Soon after, Canary Capital, 21Shares, WisdomTree, Grayscale, CoinShares, ProShares, Teucrium, and even the exchange MEMX all filed proposals for XRP-based ETFs. Never before had so many major firms converged on a single altcoin ETF idea. The message was clear: the industry expects U.S. regulators to finally warm up to XRP.

So far, the SEC has not ruled on these applications, but experts are increasingly optimistic. By mid-2025, Bloomberg’s ETF analysts were assigning XRP ETFs a ~95% chance of approval by year-end, putting it in the top tier alongside Solana and Litecoin. The rationale is that the SEC’s recent engagements – asking exchanges for surveillance sharing agreements, opening public comment on filings – indicate a “when, not if” scenario. In fact, XRP may benefit from futures market validation too. The Commodity Futures Trading Commission (CFTC) has apparently allowed XRP futures to trade (the SEC generally defers to the CFTC on commodities), and several XRP futures ETFs have been quietly listed or are in the works abroad. This creates a stronger case that a spot ETF can be supervised for market manipulation similarly to Bitcoin or Ether products.

From an investment perspective, an XRP ETF would be notable as the first mainstream financial product tied to a payments-oriented cryptocurrency. XRP is not a proof-of-stake smart contract platform like many other top altcoins; it’s primarily used for cross-border payments and liquidity via Ripple’s network. An ETF would allow banks, hedge funds, and retail investors to bet on the future of cross-border crypto payments without directly handling XRP. Institutional interest in XRP appears to be growing as Ripple’s legal clouds lift. (For instance, XRP’s price surged above $3 in mid-2025 – its highest in years – reflecting renewed confidence.) If an ETF is approved, it could further legitimize XRP in the U.S. market and potentially bring significant inflows, as XRP has a large existing community and real utility in remittances.

However, there are still hurdles. Notably, the SEC’s recent hesitation to approve multi-asset crypto funds was partly because XRP doesn’t yet have an approved single-asset ETF. This suggests the agency wants to nail down oversight of XRP specifically (e.g. ensuring robust custody, pricing indices, market surveillance) before allowing it in any fund. All the current XRP ETF filings propose measures similar to Bitcoin ETF predecessors: using insured custodians (e.g. Coinbase Custody for 21Shares’ proposal), pricing via regulated benchmarks (likely an index from CME or Nasdaq), and no leverage or derivatives – just physical (on-chain) XRP held 1:1. Assuming those standards are met, analysts see little reason for the SEC to deny XRP, especially after its legal status has more clarity than before.

Potential consequences: The approval of an XRP ETF would be historic for altcoins. It would show that even assets that had run-ins with regulators can graduate to fully compliant products. Market commentators say it could unleash new institutional capital into XRP – possibly making it “the next institutional darling,” as one trader speculated about other newly filed tokens. “Once XRP is in an ETF, all bets are off – it’s officially mainstream,” said a crypto fund manager, noting that access via brokerage accounts and retirement plans could dramatically increase XRP’s investor base. Additionally, an XRP ETF might indirectly benefit Ripple’s broader ecosystem (e.g. banks using XRP for settlement might feel more confident with the SEC effectively blessing XRP’s tradeability). On the flip side, if the SEC were to reject XRP ETFs (against expectations), it could reignite debates about XRP’s compliance and perhaps dampen its price – but that outcome currently seems unlikely given the momentum. All signs point to XRP being on the cusp of joining Bitcoin and Ether with an ETF of its own, possibly as soon as this fall.

3. Dogecoin (DOGE) ETFs – From Meme to Mainstream

It’s hard to imagine a more surprising candidate for an ETF than Dogecoin, the original meme cryptocurrency. Created as a joke in 2013 and popularized by internet culture (and Elon Musk’s tweets), Dogecoin nevertheless grew into a multibillion-dollar asset with a loyal community. Now, Dogecoin may become the first meme-coin with a Wall Street-traded fund. In early 2025, several issuers tossed their hat in the ring to launch a Dogecoin ETF, betting that DOGE’s massive popularity and liquidity can translate into a viable investment product. 21Shares, Grayscale, Bitwise, and Rex Shares/Osprey Funds all filed documents for spot DOGE ETFs around January 2025. (In fact, 21Shares’ Dogecoin filing in April 2025 noted assistance from the “House of Doge” – the Dogecoin Foundation’s corporate arm – in marketing the fund.) This multi-firm interest underscores an odd reality: Dogecoin may be a meme, but it’s a serious financial asset too. As the CoinGecko research team observed, “Very few memecoins transcend their meme status and make a real-world impact. Dogecoin is among them.”

Analysts now view a DOGE ETF approval as highly likely. Bloomberg’s Seyffart and Balchunas initially estimated a 75% chance for a Dogecoin ETF in 2025, and by mid-year they raised many altcoin odds to ~90% – putting Doge in the “almost certain” category. The SEC has already shown some openness: it formally acknowledged (began reviewing) Grayscale’s 19b-4 exchange filing for a DOGE ETF in February 2025, a procedural step that suggests the proposal is being seriously considered rather than dismissed outright. The case for DOGE rests on a few factors:

• Market cap & liquidity: Dogecoin consistently ranks in the top 10 cryptos by value (around $24+ billion in early 2025), trades on virtually every crypto exchange, and has deep liquidity – important for an ETF so that creations/redemptions and price tracking are smooth.
• Established track record: Despite its meme origins, DOGE has survived multiple market cycles (2014, 2018, 2022 crashes) and still thrives. This resilience builds the argument that Dogecoin has staying power and a real user base (millions of addresses hold Doge, and it’s used for small payments/tips online).
• Regulatory profile: Dogecoin’s code is a fork of Bitcoin (via Litecoin), with no centralized sale or corporation behind it. Many believe it would be classified similarly to Bitcoin or Litecoin – i.e., likely a commodity from a U.S. regulatory perspective (and indeed DOGE was not named in SEC’s 2023 crackdown on certain tokens). This lowers the regulatory risk of approving a DOGE ETF.

Industry figures have actually welcomed the idea. “Dogecoin has become more than a cryptocurrency: it represents a cultural and financial movement,” said 21Shares President Duncan Moir, whose firm launched a fully backed Dogecoin ETP in Europe in April 2025. That European product, listed on Switzerland’s SIX exchange under the ticker “DOGE”, proved that global demand exists – it provides Swiss and EU investors a regulated way to buy Dogecoin. A U.S. ETF would similarly bring Doge to conventional brokerage accounts. Experts believe this could have an interesting side effect: legitimizing the concept of “meme investments.” If Dogecoin – born as a joke – is approved by the SEC for an ETF, what does that say about the evolving nature of finance? Some analysts see it as a fun positive: “Dogecoin’s ETF approval could be the catalyst for the mainstream legitimization of memecoins,” notes CoinGecko, implying it would signal that even assets powered by social media sentiment are now recognized.

Of course, a Doge ETF would not be without controversy. Traditionalists might scoff at serious investors buying a meme coin fund, and the SEC will want to be sure the underlying market isn’t prone to manipulation (one reason several DOGE filings have proposed robust market surveillance agreements). There’s also the question of volatility – Dogecoin famously can rally or crash on a viral tweet. An ETF doesn’t change that risk; it merely channels it through a different vehicle. The SEC’s decision will hinge on whether protections similar to those for Bitcoin (like monitoring for fraud across exchanges) can be established for Dogecoin. If and when it’s approved, the ETF will track Doge’s price 1:1 (with custody likely by a major provider like Coinbase), allowing investors to trade it just like a stock.

Big picture: A Dogecoin ETF approval by the end of summer would be a landmark event showing how far crypto integration has come. It would mean that even the most whimsical, community-driven assets are entering institutional portfolios. One Bloomberg analyst mused that Doge’s inclusion would be a “sure sign we’ve entered a new era” – one where the lines between internet culture and high finance blur. In practical terms, it could channel new money into Dogecoin (potentially lifting its price) and encourage ETF issuers to consider other meme or community tokens. (Already, more extreme memecoins like Shiba Inu, PEPE, and even a satirical “TRUMP” token ETF have been filed, though those are seen as long shots for now.) For now, Dogecoin stands as the meme coin with the most credible shot at ETF approval, and its progress is being watched closely. As Balchunas noted, giving Doge a 75%+ chance was once unthinkable – yet here we are.

4. Litecoin (LTC) ETFs – Digital Silver Goes for Gold

Often called the “silver to Bitcoin’s gold,” Litecoin has been a crypto stalwart since 2011. Now, it may also become one of the first altcoins to secure an ETF. Litecoin’s strong case for an ETF approval lies in its longevity, technical similarity to Bitcoin, and regulatory clarity. It’s one of the few cryptocurrencies explicitly recognized as a commodity by many regulators – in fact, the CFTC’s former chairman once referred to both Bitcoin and Litecoin as examples of commodities in crypto. This legal status (as something not under securities laws) makes the SEC more comfortable, since oversight can lean on existing commodity frameworks. Not surprisingly, Bloomberg’s analysts have given Litecoin ETF proposals a 90–95% chance of approval in 2025 – the highest among altcoins.

The ETF industry saw the potential early: Canary Capital, Grayscale, and CoinShares all filed to launch Litecoin trusts or ETFs as of late 2024. (Grayscale already operates a Litecoin Trust and applied to convert it to an ETF in January 2025.) Their optimism seems well-founded. By summer 2025, Litecoin was rallying on ETF speculation – its price surged through the $85–90 range in late June as traders anticipated a favorable SEC outcome. Polymarket prediction markets put the odds of a 2025 Litecoin ETF approval at over 80%, and multiple analysts identified Litecoin as perhaps the most likely altcoin to get approved early. One report noted that among all the pending crypto ETFs, “analysts gave Litecoin the highest approval chances… since spot Bitcoin and Ethereum ETFs were approved”.

Why is confidence so high? Several reasons:

• Proven, Simple Protocol: Litecoin’s code is a close fork of Bitcoin’s, with a few tweaks (faster 2.5-minute blocks, larger supply). It doesn’t introduce complex new risks – its blockchain has run for over a decade without major incident. That makes it easier for custodians to secure and for regulators to understand.
• Commodity Classification: As mentioned, Litecoin is widely seen as a commodity (CFTC oversight) rather than a security (SEC oversight). This mirrors Bitcoin’s situation. The SEC’s main concern for commodity-based ETFs is ensuring the market isn’t prone to manipulation and that a surveillance-sharing agreement with a regulated market exists. With Litecoin, there are already CME futures trading (since 2018) and global exchanges to monitor, satisfying many criteria. In fact, by 2025 the CME was expanding crypto futures offerings, and LTC futures open interest was healthy – a sign institutions are already involved.
• Market Demand: Litecoin is frequently used as a “transaction coin” due to its low fees, and it has a strong following. Its market cap (~$6 billion by mid-2025) places it among the top-15 assets. An ETF could appeal to investors looking for a diversified crypto play (beyond BTC/ETH) with a relatively “blue-chip” altcoin. Some have noted that Litecoin’s upcoming halving event in August 2025 (which will cut miner rewards and historically has been bullish) might align with an ETF approval, creating even more interest.

If a Litecoin ETF launches by late summer, the impacts could be significant. First, it would further validate Proof-of-Work altcoins (which include Litecoin) as investable assets on par with Bitcoin. It might also boost Litecoin’s price and profile – some analysts believe ETF-driven exposure could “propel Litecoin adoption sharply higher,” especially by making it easy for retail investors to get LTC in retirement accounts. A spot ETF would remove friction (no need to manage a crypto wallet or exchange account) and could attract new inflows from traditional investors who were previously wary of unregulated platforms. There’s also a liquidity benefit: ETFs require the underlying asset to be sourced and stored, so new funds would mean more Litecoin being bought and held by custodians, potentially decreasing circulating supply in the short term and providing price support.

Additionally, Litecoin’s approval could set a precedent for other Bitcoin-like cryptos. Regulators might next consider ETFs for Bitcoin Cash (BCH) or Ethereum Classic (ETC) – both also Proof-of-Work coins with commodity classifications. (Those aren’t top-10 coins today, but BCH was notably included in Bitwise’s index fund, and a couple of BCH ETF filings exist.) It’s worth noting that the SEC, in one of its mid-summer actions, actually approved Bitwise’s plan to convert its crypto index fund (which holds 90% BTC/ETH and 10% others like LTC, ADA, BCH) into an ETF – then immediately paused it. The pause was attributed to the need to iron out standards for the smaller assets. This suggests the SEC is nearly there on things like Litecoin, but perhaps wanted to approve the single-asset ETFs (like a standalone LTC) before letting them exist within a basket. In short, Litecoin appears to be right on the cusp.

Bottom line: Litecoin ETFs are expected to be among the first altcoin funds to hit the U.S. market. Keep an eye on key SEC decision dates; the final deadline for current Litecoin ETF filings is reportedly October 2025, but an approval could come as soon as this summer’s review cycle. If it does, Litecoin – the digital silver – will have scored a golden milestone in its long history.

5. Polkadot (DOT) ETFs – Investing in the Multi-Chain Vision

Polkadot is another major network vying for ETF approval. Polkadot’s DOT token powers an ambitious multi-chain ecosystem that connects various specialized blockchains (“parachains”) into one interoperable network. This cutting-edge technology angle makes Polkadot stand out among altcoins – and it’s a narrative that institutional investors have taken interest in. By 2025, Polkadot’s platform hosts dozens of parachains for use cases from DeFi to identity, and its design was spearheaded by Ethereum co-founder Gavin Wood. The question is, will regulators be comfortable with an ETF for such a sophisticated crypto asset?

ETF issuers are certainly betting on it. 21Shares filed for a Polkadot Trust ETF in February 2025, one of its first U.S. altcoin filings. Around the same time, smaller player Tuttle Capital also filed, and Grayscale listed Polkadot in its lineup of trust-to-ETF conversion targets. Polkadot’s profile – a top-12 crypto with around a $5 billion market cap as of mid-2025 – makes it a borderline choice, perhaps not as large as Solana or XRP, but significant nonetheless. Notably, Bloomberg’s analysts give Polkadot ETFs roughly a 90% chance of approval by the end of 2025 (slightly lower than SOL/XRP but still very high). This optimism stems from the SEC’s apparent comfort with top altcoins generally, plus Polkadot’s presence in futures markets and indices. (For instance, DOT futures have traded on overseas exchanges, and DOT is part of Bitwise’s 10 Crypto Index Fund weighting.)

However, timing might be an issue. The SEC has already delayed decisions on Polkadot ETF filings to later in 2025. One report noted that the SEC pushed out the next decision on 21Shares’ Polkadot ETF to November 8, 2025, using its option to extend the review period. This suggests that a Polkadot ETF might not launch by the end of summer, unless the SEC has a change of heart sooner. More likely, we’ll see the groundwork laid by summer (with no outright rejections), and an approval possibly in the fall alongside other second-tier altcoins.

From a fundamentals perspective, Polkadot has a strong case: it’s a well-established platform coin (launched 2020) with a robust developer community and a clear use case (connecting blockchains). It’s not a meme or a niche token – it addresses scalability and collaboration in blockchain networks. These qualities make it attractive for long-term tech-oriented investors. An ETF would allow those investors to back Polkadot’s vision without dealing with the complexity of staking DOT or participating in crowdloans (the current ways to engage in Polkadot’s ecosystem). It’s a “picks and shovels” investment in the infrastructure of Web3.

What do experts say? Polkadot hasn’t been as flashy in headlines as Solana or Dogecoin, but it’s frequently mentioned as part of the coming wave of altcoin ETFs. Balchunas and Seyffart put DOT in the 90% approval odds group along with Cardano, Doge, etc. Additionally, the SEC’s own comments about multi-asset funds implied that one reason to pause was the lack of a standalone DOT ETF (DOT was in Bitwise’s index too). This implies the SEC is considering Polkadot; they just want to handle it methodically.

Potential impact: Approval of a Polkadot ETF would bring fresh attention and capital to the Polkadot ecosystem. DOT’s price could benefit from the perceived vote of confidence. More importantly, an ETF might lead to **increased institutional involvement – for example, hedge funds might be more inclined to use DOT in pair trades or yield strategies if they can easily get exposure via an ETF. It could also spur greater usage of Polkadot’s network: parachains and projects building on Polkadot might attract interest if DOT is more widely held. On the flip side, if approval drags out beyond summer into late 2025, Polkadot might be overshadowed by other altcoin ETFs that launch first (e.g., Solana or Litecoin). Still, given the interconnected nature of these approvals, any success in one altcoin likely bodes well for DOT. By the end of summer we expect to at least have clarity that Polkadot’s ETF is on track for approval – even if the official launch might be a bit later.

6. Cardano (ADA) ETFs – High Hopes for a Top Platform Coin

Cardano is another heavyweight contender in the ETF race. ADA, the native token of Cardano, has long been in the top ranks of cryptocurrencies by market cap (often top 5–7 in recent years). Cardano differentiates itself with a research-driven approach to development and a strong community focus on global adoption (e.g., blockchain projects in Africa). Given its prominence, it’s natural that investors want an ADA ETF. And indeed, at least two ETF filings for Cardano are in play: Grayscale sought to convert its Cardano Trust (symbol: ADA) into a spot ETF in January 2025, and Tuttle Capital also filed for a standalone ADA ETF. More could be on the way, as other issuers had hinted at including Cardano in multi-asset filings.

Analysts put Cardano in the same favorable category as Dogecoin and Polkadot – around 90% likelihood of approval by late 2025. The reasoning is similar: Cardano has a large, well-established network that, like others mentioned, now has futures markets and a clearer regulatory standing. (Notably, no regulator has explicitly labeled ADA a security to date, and Cardano’s foundation has been proactive in compliance.) The SEC’s engagement with Cardano ETF filings was evidenced by its brief initial approval then pause of Grayscale’s multi-asset fund (which included ADA). That pause, again, likely means the SEC wants to approve ADA on its own before allowing it bundled with others. So, while Cardano’s ETF might not be the very first out of the gate, it is expected to follow closely in the footsteps of Solana, XRP, and Litecoin.

Cardano’s potential ETF has a few distinctive implications: For one, it would be the first ETF based on a pure proof-of-stake smart contract platform (assuming Solana – also PoS – hadn’t launched just before). Cardano’s claim to fame is its methodical development (peer-reviewed academic research underpins each update) and features like the Ouroboros PoS algorithm and a focus on scalability via Hydra. By approving ADA, the SEC would essentially be saying it’s comfortable with a broad range of blockchain technologies, not just Bitcoin-like or Ethereum-like assets. It would also acknowledge Cardano’s real-world usage – for example, Cardano has been involved in identity projects in Ethiopia, and hosts a DeFi and NFT ecosystem of its own.

Investor interest in Cardano remains strong: ADA’s price saw a resurgence in 2025, and some long-term price predictions by enthusiastic supporters are sky-high (though those should be taken with caution). An ETF would allow more traditional funds and even retirement accounts to allocate to ADA, which could bring new holders and potentially stabilize some volatility. Also, given Cardano’s large circulating supply and relatively low price per coin (pennies to a dollar range historically, though by 2025 it was around $0.83), an ETF might make it psychologically easier for investors to buy “shares” representing thousands of ADA without dealing with fractional units on crypto exchanges.

One interesting expert insight: Ric Edelman, a financial advisor leader, noted that after the pro-crypto shift in U.S. politics, “it is regarded as inevitable we’ll see many other single-asset and multi-asset ETFs of digital coins and tokens. The Bitcoin and Ethereum ETFs will prove to have been merely the first.” Cardano, being one of the largest tokens not named BTC or ETH, clearly fits into that vision of “many other single-asset ETFs.” In other words, Cardano’s ETF isn’t a question of if, but when.

If Cardano’s ETF gets approved by late summer or early fall, expect a few things:

• ADA market reaction: Likely positive, as ETF approval signals institutional endorsement. We might see a rally as was observed with Litecoin and others on ETF rumors.
• Competitive positioning: Cardano often faces comparisons to Ethereum and Solana. An ETF would put it on more equal footing in terms of investor access. It could also drive friendly competition on who can attract more ETF assets – for example, will a Cardano fund see as much uptake as a Solana fund? That remains to be seen, but such competition ultimately raises all ships in terms of publicity.
• Community boost: Cardano’s community (the “ADA Army”) would certainly view an ETF as validation of their project’s credibility. This could spur even more grassroots promotion and adoption efforts, knowing that Wall Street has effectively given ADA a nod.

In summary, Cardano is poised to join the ETF club alongside its altcoin peers. Barring any unforeseen regulatory issues, by the end of the summer we should either see an approved ADA ETF or at least clear progress toward one. Given Cardano’s emphasis on steady development, it’s fitting that its march to an ETF is steady and inevitable, even if not the very first through the door.

7. Avalanche (AVAX) ETFs – A Bet on DeFi and Subnets

Avalanche, the blockchain known for its speed and “subnet” architecture, is another likely candidate to have an ETF in the coming wave. Avalanche’s AVAX token underpins a platform geared toward decentralized finance (DeFi), enterprise blockchain deployments, and even institutional asset tokenization. While not as large as Solana or Cardano in market cap, Avalanche has carved out a significant niche – and its inclusion in ETF plans signals confidence in its staying power.

ETF issuer VanEck filed for a spot Avalanche ETF in late 2024, being one of the first major firms to target AVAX. Others, like Grayscale, have also included AVAX in their multi-asset funds (e.g., Bitwise’s index and Grayscale’s Digital Large Cap Fund both hold some AVAX). Bloomberg’s analysts indicated Avalanche spot ETF applications carry about a 90% chance of approval by the end of 2025, similar to Polkadot and Cardano. This high probability might surprise those who think of AVAX as a relatively newer chain (launched in 2020) – but it reflects how the SEC’s stance has evolved. Once the agency is comfortable with the top few alts, it tends to become comfortable with a broader basket in quick succession (as was the case with Bitcoin futures ETFs, then multiple Bitcoin spot ETFs, etc.).

That said, Avalanche’s path might be slightly slower than Solana’s, for example, due to two factors: (1) Market size – AVAX’s market cap (around $24 billion fully diluted but actual circulating value much less) is on the smaller side of the top assets. (2) Perceived usage – Avalanche has a vibrant DeFi scene (notably the Trader Joe DEX and others) and unique subnet technology (allowing custom blockchains), but by mid-2025 it held only a fraction of the total value locked (TVL) that Ethereum does. In fact, one analysis noted Avalanche’s total value locked is less than 2% of Ethereum’s, underscoring that it’s an important network but not the dominant player. The SEC doesn’t explicitly consider those metrics, but they indirectly matter because they reflect how widely used and possibly how resilient the asset’s ecosystem is.

Despite these nuances, the inclusion of Avalanche in ETF filings indicates confidence. When VanEck (a respected ETF issuer) files for AVAX, it suggests they see institutional demand for exposure to Avalanche’s growth. Avalanche has positioned itself as a “finance-friendly” blockchain – for example, it has partnerships to host institutional blockchains (subnets) for asset management firms and was involved in experiments with tokenized assets like equity. An ETF would allow investors to essentially bet on the adoption of Avalanche in the fintech and DeFi world. If banks or fintechs build on Avalanche’s subnets, AVAX could benefit; an ETF investor gets to ride that potential upside.

From a regulatory perspective, Avalanche doesn’t have known red flags. The token distribution was public and via sales that likely complied with regulations in their jurisdictions, and Ava Labs (the team behind Avalanche) has been proactive in U.S. policy circles. Moreover, AVAX futures have been offered on some exchanges, and crucially the CFTC has not objected to Avalanche being treated as a commodity for trading purposes. All of this bodes well for the SEC to eventually say yes.

If an Avalanche ETF launches by late summer or shortly after:

• Market impact: AVAX price could see a boost. Already, positive ETF chatter tends to lift prices; actual approval would likely have an even stronger effect as funds begin buying AVAX for inventory. It would also increase AVAX’s presence in the media and among investors who perhaps skipped over it in favor of bigger names.
• Competitive dynamic: Avalanche often competes with Ethereum, Solana, and other L1s for users and developers. Being among the first with an ETF might elevate Avalanche’s stature. It sends a signal that “Avalanche is in the same league of seriousness” as those larger networks, at least in the eyes of regulators and big investors.
• Increased on-chain activity: Interestingly, if an ETF causes a supply crunch (taking AVAX into cold storage for custody), it might increase demand for staking on the network (to earn rewards from remaining liquid AVAX). Avalanche’s staking rewards and DeFi yields could become more attractive as token scarcity increases. Over time, this could strengthen the network security and DeFi ecosystem.

In summary, Avalanche is on track to join the ETF roster likely around the tail end of the first batch of altcoin approvals. It represents a bet on the future of DeFi infrastructure. As one analyst summarized, including Avalanche in ETFs shows the SEC is willing to countenance assets “significantly smaller than Ethereum” in value, marking a broad acceptance of diverse crypto projects. By the end of summer, we’ll be watching if AVAX gets its moment in the Wall Street sun.

8. Ondo Finance (ONDO) ETF – Tokenized Yields Enter the Spotlight

One of the most groundbreaking ETF filings of 2025 is the 21Shares Ondo Trust, which aims to hold the token ONDO. Unlike the other entries on this list, Ondo is not a layer-1 blockchain or widely known large-cap crypto – it’s the governance/token of a DeFi platform focused on real-world asset (RWA) tokenization. If approved, ONDO would be the first-ever ERC-20 token ETF in the U.S. market, marking a new frontier where not just base cryptocurrencies, but application-layer DeFi tokens can gain institutional wrappers.

What is Ondo Finance? It’s a platform that connects DeFi liquidity with traditional finance yields. Ondo has built products like OUSG (tokenized U.S. Treasury notes), USDY (a yield-bearing stablecoin backed by short-term Treasuries), and the Flux lending protocol for real-world assets. In essence, Ondo takes safe traditional assets (like government bonds) and issues tokens representing shares in those yield-generating pools, letting crypto users access reliable interest rates on-chain. The ONDO token itself is used for governance and fee accrual in this ecosystem – so its value is tied to the growth of tokenized Treasuries and similar offerings.

When 21Shares filed an S-1 registration on July 22, 2025 for an Ondo ETF, it turned heads throughout the crypto industry. This move signaled that:

1. Institutions are eyeing DeFi tokens seriously. ONDO isn’t a meme or a purely speculative coin; it’s directly linked to U.S. Treasury yields (through OUSG). That narrative of bridging DeFi and TradFi has been gaining traction, and now it might gain an ETF.
2. Regulators might be warming to complex crypto assets. Approving ONDO would mean the SEC is okay with an ETF holding a token that represents claims on other financial instruments (indirectly). It’s a nuanced case compared to, say, a straightforward commodity-like Litecoin. Ondo Finance has proactively prioritized transparency – publishing real-time asset backing and undergoing regular attestations for its products – which could bolster the SEC’s comfort.

The market certainly reacted to the filing. ONDO’s price surged 65% over the month leading up to and after the ETF filing, jumping to about $1.12 with its market capitalization swelling from $2 billion to over $3.5 billion. This outpaced the broader crypto market, indicating that both retail and “smart money” investors were accumulating ONDO in anticipation. One trader, Jeff Cook, even proclaimed “ONDO is the next institutional darling”, noting signs of early accumulation by big players ahead of the ETF news. Another analyst, Marty Party, highlighted the broader significance: this would “open the door to more non-L1 blockchain assets to list as ETFs.” In other words, if ONDO (a DeFi token) can make it through the SEC, it paves the way for other complex tokens (think of DEX tokens, lending protocol tokens, etc.) to be considered in the future.

How would the Ondo ETF work? According to the filing, the 21Shares Ondo Trust will hold ONDO tokens on a 1:1 basis, stored with a qualified custodian (Coinbase Custody). It will track ONDO’s price via a benchmark index (the CME CF Ondo-Dollar Reference Rate). No leverage, no derivatives – just a passive vehicle like the Bitcoin and Ether ETFs before it. This straightforward structure belies the unique underlying: unlike Bitcoin (which is mainly valued as digital gold) or Ether (fuel for a general-purpose network), ONDO’s value is linked to the yield and adoption of tokenized real-world assets. So investors in the ETF are indirectly getting exposure to tokenized Treasury yields and on-chain bonds – a very different flavor of crypto investment.

Potential consequences of approval: If the SEC approves the Ondo ETF, it would be a watershed moment for “DeFi meets TradFi.” Institutions could invest in ONDO via brokerage accounts, meaning things like pension funds or endowments could indirectly gain exposure to tokenized Treasury bills (through Ondo’s ecosystem) in a regulated way. This could massively broaden the investor base for RWA tokens, driving more capital into projects that tokenize stocks, bonds, real estate, etc. Ondo Finance’s products might see increased usage, since an ETF would signal regulatory acceptance of their model. Some are comparing the possible effect to how BlackRock’s Bitcoin ETF (iShares IBIT) “sparked new inflows and legitimacy” for Bitcoin – Ondo’s ETF could similarly catalyze ONDO’s adoption and price if it attracts significant assets.

For the crypto sector, it would also validate the idea that DeFi tokens with tangible utility can stand alongside pure cryptocurrencies in the eyes of regulators. We might see a wave of filings for other protocol tokens: imagine ETFs for major DeFi protocols (UNI for Uniswap, AAVE for Aave, etc.) or other RWA platforms. Indeed, 21Shares has already signaled it’s not stopping at Ondo – in the same breath, they filed or prepared filings for Polkadot, XRP, Solana, and Sui ETFs, among others. The pipeline of possible crypto ETFs is expanding quickly, as Balchunas humorously noted when he said the filings were “outpacing human awareness”.

Of course, there’s a chance the SEC might take longer to get comfortable with ONDO than with, say, Litecoin. The agency could ask for additional disclosures or delay the decision (initial filings often go through a few amendment rounds). If immediate approval doesn’t occur, the filing itself still puts RWA tokens on the map. Ondo’s initiative shows that crypto innovation is reaching the halls of the SEC with concrete use-cases (like enhancing access to yield). As 21Shares’ U.S. chief, Federico Brokate, stated, “investors are increasingly looking for diversified and easy ways to participate in digital asset growth, and we aim to provide ETF structures to satisfy this demand”, within regulatory guardrails.

In summary, the Ondo ETF is one to watch closely. By the end of this summer, we’ll likely know if it’s on track to be the first DeFi token ETF. Its approval would not only boost ONDO, but also signal that the SEC is willing to legitimize on-chain access to traditional finance products. That could be the start of a much larger trend where Wall Street embraces tokenized finance. As Ondo’s momentum shows, RWA tokens are moving from a niche concept to mainstream financial instruments, and the ETF realm is a big part of that evolution.

9. Sui (SUI) ETF – A New Layer-1 Enters the Fray

Among the more surprising names in the ETF lineup is Sui – a new layer-1 blockchain that only launched in 2023. Sui (pronounced “suey”) was developed by Mysten Labs, a team of former Meta (Facebook) engineers, and it uses the Move programming language (like Aptos, its sister chain from the Diem project). Despite being a young project, Sui has attracted attention for its technical design and potential for gaming and social dApps. Now, it’s also caught the eye of ETF issuers: 21Shares filed in April 2025 for a spot Sui ETF, making SUI one of the freshest tokens to ever be considered for an ETF.

What’s notable is that 21Shares didn’t do this in isolation – they simultaneously announced a strategic partnership with the Sui Network to “leverage its blockchain for product collaboration”. In other words, 21Shares and the Sui Foundation are working hand-in-hand to boost Sui’s presence in traditional markets. This partnership news, combined with the ETF filing, had an immediate effect: SUI’s price jumped about 10% on the announcement. It’s uncommon to see an issuer align so closely with a blockchain’s team; this perhaps indicates that Sui’s backers are keen to promote institutional adoption early on.

21Shares’ Duncan Moir (president of the firm) explained the move, saying: “We operate based on conviction, but also investor demand – our planned roadmap with Sui is a reflection of both.” This quote suggests that:

• They believe in Sui’s tech and future (conviction),
• They see enough investor interest in SUI to justify an ETF (demand).

It’s quite remarkable for a project that, by 2025, is still building out its ecosystem (Sui’s DeFi and NFT activity is growing but not yet on par with older chains). If this ETF gets approved, it would be the first time a brand-new layer-1 protocol’s token is made available via a U.S. ETF so soon after launch.

Will the SEC go for it? Sui’s odds have been viewed as somewhat lower than those of older altcoins. Bloomberg’s analysts reportedly gave Sui’s ETF about a 60% chance and Tron’s about 50% – lower tiers compared to Solana/Doge/etc. The relative uncertainty is likely because Sui, like many newer projects, hasn’t yet proven its long-term viability or regulatory standing. Also, Sui’s token distribution included sales that U.S. regulators might scrutinize; though nothing suggests any wrongdoing, the SEC tends to be more cautious with recent ICOs or token sales.

Nonetheless, the fact that Sui got a serious filing means 21Shares (and its partner Teucrium, which is often involved) did their homework and believe it can meet the SEC’s standards. They presumably have arranged for proper custody (Coinbase Custody also?) and pricing benchmarks (perhaps a CME CF Sui Reference Rate, akin to others).

If the Sui ETF were approved, it would be a huge win for the Sui network. It would potentially funnel investment into SUI from sources that normally wouldn’t touch a brand-new crypto. That capital could, for instance, encourage more developers to build on Sui (seeing strong market support) and give the Sui Foundation more resources via any treasury tokens. It would also validate the Move language blockchains (Sui and Aptos) as a category to watch.

One effect to consider: being so new, Sui’s on-chain liquidity isn’t as deep as, say, Ethereum’s. An ETF could concentrate a lot of SUI in the hands of the custodian. If demand for the ETF is high, that could tighten available supply and potentially cause more price volatility. On the flip side, the ETF’s creation/redemption mechanism would bring arbitrage traders, which can actually stabilize price by keeping it aligned with global markets.

Outlook: It wouldn’t be surprising if the SEC initially delays or asks questions about the Sui filing. They might want to ensure Sui isn’t more vulnerable to manipulation or that its network is secure (since any major exploits could hurt ETF shareholders). Sui’s team likely will emphasize their robust tech and decentralization plans. By late summer, we should see if the Sui ETF is progressing. Even if not approved immediately, just being in the conversation has elevated Sui’s profile. It shows that even nascent blockchain projects can aim for the big leagues of ETFs with the right support. For investors, a Sui ETF represents a chance to bet on the next generation of blockchain platforms without directly managing tokens – a proposition some forward-looking funds might find attractive.

In summary, Sui’s inclusion in the top 10 list reflects how broad the crypto ETF wave is. From the most established (Litecoin) to the fairly new (Sui), many assets are on the table. If SUI’s ETF does materialize sooner rather than later, it will underscore that the crypto market’s maturation isn’t limited to the “old guard” coins – it’s bringing up the new kids faster than ever.

10. Crypto Index ETFs – Diversified Baskets on the Horizon

Beyond single-asset funds, crypto index ETFs are also making headway and could arrive by the end of the summer. These ETFs would hold a basket of multiple cryptocurrencies, giving investors broad exposure in one product. The concept isn’t new globally (index-based ETPs trade in Europe), but in the U.S. regulatory context it’s a frontier that’s just opening. Analysts actually predicted that a diversified crypto ETF might be among the first approved, since a basket could be seen as spreading risk – in fact, Bloomberg’s team assigned a 95% approval odds to a crypto index ETF, on par with the odds for Solana, XRP, and Litecoin.

Several developments underpin this optimism:

• 21Shares, in partnership with Teucrium, filed in July 2025 for two index ETFs that track FTSE Russell crypto indexes. One is the 21Shares FTSE Crypto 10 Index ETF (which holds the top 10 crypto assets by market cap, presumably including BTC and ETH), and the other is the Crypto 10 ex-BTC ETF (which holds the top 10 excluding Bitcoin, to focus on altcoins). These would be groundbreaking as the first broad-market crypto ETFs in the U.S.
• The indices come from FTSE Russell, a reputable index provider, which adds credibility. FTSE constructed these crypto indexes with independent governance and methodology. As Kristen Mierzwa of FTSE Russell noted, the goal was to provide “strategic allocation” indices with strong pricing architecture. In plain terms, they made indexes that traditional investors can trust.
• The proposed structure for these funds is under the ’40 Act (Investment Company Act of 1940) – similar to how some of the staking ETFs and other commodity trusts are structured. This indicates the issuers might use a format that could allow automatic effectiveness (if the SEC doesn’t object in time), much like what happened with the REX Solana ETF.

The appeal of a crypto index ETF is clear. It offers diversified exposure – investors can buy one ETF and indirectly hold a basket of the biggest cryptocurrencies. This mitigates the risk of any one coin faltering (or being deemed a security, etc.). It’s akin to buying a stock index fund versus a single stock. For many financial advisors and conservative investors, a broad crypto index is actually more palatable than picking an individual coin. Nate Geraci, an ETF expert, commented that these index funds indicate rising demand “beyond BTC” – investors want coverage of the whole digital asset market, not just the big two.

However, regulators have taken a cautious approach to multi-asset ETFs so far. In July 2025, the SEC did something puzzling: it approved Bitwise’s application to convert its Bitwise 10 Crypto Index Fund (BITW) into an ETF, then immediately stayed (paused) that approval. BITW holds about 10 cryptocurrencies (90% in Bitcoin and Ether, and ~10% across eight others). The SEC’s pause, along with a similar reversal for Grayscale’s smaller index fund, likely stems from concerns about the smaller constituents. As sources told CoinDesk, the SEC wanted “consistent standards” for crypto ETFs, especially since some assets in the index (like XRP and ADA) didn’t yet have their own ETFs approved. In other words, the SEC might be thinking: let’s approve the single-asset ETFs for those alts first, then the index that contains them.

This tells us two things:

1. Index ETFs are very close to reality, but the SEC is sequencing events – single asset approvals first, then multi-asset.
2. We might see an index ETF go live soon after a handful of individual altcoin ETFs are approved (which could indeed be by end of summer or early fall).

If that sequence holds, the 21Shares Crypto 10 ETFs could potentially slip through right after the SEC formally approves some individual components (like Solana, XRP, Litecoin). Bloomberg’s team even speculated that a crypto basket ETF “could be approved by the SEC as soon as this week” back in late June – that was before the SEC’s pause on BITW, but it shows how imminent they felt it was.

What would a crypto index ETF mean for the market? Several likely impacts:

• Broader Participation: An index ETF is perhaps the easiest sell to a skeptic – it’s diversified, index-based (which investors understand), and often cheaper fee-wise than multiple single-asset funds. This could attract a wave of financial advisors to finally put some crypto allocation in client portfolios, via the index ETF.
• Support for mid-tier coins: If the index holds, say, the top 10, that means coins like Chainlink, Bitcoin Cash, or Stellar (depending on the cutoff) might get included. Those assets might not individually get ETFs soon, but through the index, they’d see some fund inflows. This could benefit their liquidity and price indirectly.
• Competitive fee pressure: Index ETFs might come with lower expense ratios (since they appeal to broad use). If, for instance, 21Shares prices its Crypto 10 ETF attractively, it could pressure single-asset ETF issuers to lower fees over time. Great for investors, not bad for market growth either.
• Regulatory perception: Approving an index ETF would signal that the SEC is comfortable with a range of cryptos under one umbrella. That’s a big step from just Bitcoin a couple years ago. It would basically mark crypto as a whole being recognized as a legitimate asset class, where you can buy “the market” like you buy the S&P 500 for stocks. This could be a psychological tipping point for many on the sidelines.

One caveat: the SEC might impose extra conditions on index ETFs. For example, they might require the index to exclude any asset that they later deem problematic, or demand more frequent reporting. But index providers like FTSE will be prepared for that.

By end of summer 2025, we anticipate either the first crypto index ETF will be approved or on the verge of approval. If the SEC continues to drag, it’s likely a temporary delay – the pressure is on, especially as issuers find clever ways (like the REX 40% rule or the automatic approvals) to get products out. And remember, even the SEC’s commissioners have voiced differing views, with some very pro-innovation. The domino effect seen with Bitcoin then Ether ETFs is poised to repeat: one altcoin ETF approval could trigger many approvals in rapid succession, including indexes.

In summary, diversified crypto ETFs are coming, and they round out our top 10 list as arguably the most impactful of the bunch. They encapsulate the entire crypto market’s direction. If you’re a believer that the crypto industry as a whole will grow, an index ETF is the simplest one-stop investment. We’re almost at the point where that’s available on U.S. exchanges – truly a milestone that underscores how far the integration of crypto into mainstream finance has progressed in 2025.

Final thoughts

The landscape for crypto ETFs has evolved at breakneck speed. What started with a lone Bitcoin futures fund a few years ago has blossomed into a pipeline of dozens of crypto ETF proposals covering everything from large-cap platforms to niche DeFi tokens. By the end of this summer 2025, we anticipate seeing several of these “next generation” ETFs either live in the market or approved and imminent, heralding a new era of accessibility and legitimacy for digital assets.

This wave of crypto ETF approvals is more than just a series of new financial products – it’s a signal of crypto’s maturing relationship with traditional finance and regulators. As one Wall Street analyst commented, “The Bitcoin and Ethereum ETFs will prove to have been merely the first”. We’re now witnessing that prophecy unfold. Altcoins like Solana, XRP, Litecoin, and Dogecoin are moving into the ETF mainstream, something almost unthinkable just a couple of years ago. Even more striking, innovative DeFi-related tokens (Ondo) and recently launched layer-1s (Sui) are on the cusp of the same treatment. This rapid expansion underscores a growing recognition: crypto is not a monolith, but a diverse asset class, and investors want exposure to its various segments.

From the perspective of market impact, the introduction of these ETFs could be transformative:

• New Capital Inflows: Institutional and retail investors who couldn’t or wouldn’t hold cryptocurrencies directly may now pour money in via ETFs. This could unlock billions of dollars in capital. For instance, Bloomberg analysts forecast multibillion-dollar inflows for Solana and others if approved.
• Price and Liquidity Effects: By expanding access, ETFs are likely to drive price appreciation for the underlying assets due to increased demand and reduced friction. They can also stabilize markets by anchoring assets to regulated vehicles, improving liquidity.
• Broader Adoption and Participation: ETFs lower the knowledge barrier – no need to manage keys or navigate crypto exchanges. This could broaden participation to more traditional investors, effectively bringing new people into crypto exposure (often without them even realizing it’s crypto, as it sits in a familiar brokerage account).
• Integration into Portfolios: As ETFs, these assets can be easily slotted into portfolios, IRAs, 401(k)s, etc. We may see crypto allocations become a standard part of diversified investment strategies (e.g., a few percent in a crypto index ETF as a growth play), which mainstreams the asset class further.

At the same time, we should remain aware of the regulatory strings attached. The SEC’s cautious approach – evident in delayed decisions and the pausing of multi-asset funds – shows that while they are opening up, they are doing so incrementally and with conditions. Investor protection is still top of mind, meaning issues like market surveillance, custody security, and clarity of what is or isn’t a security will continue to shape which ETFs make it through easily. Any unexpected legal developments (say, a court ruling on the status of a token, or a security breach in an underlying network) could still impact the timeline or conditions of these approvals.

It’s also worth noting that the global context remains important. Outside the U.S., crypto ETPs have existed for years (in Europe, Canada, etc.), and some of the assets discussed (like Dogecoin, Polkadot, Cardano) are already available in those markets. The U.S. catching up via these new ETFs will likely increase global liquidity and perhaps arbitrage between regions, leading to a more unified market. We included “global listings” in our considerations because an asset getting an ETF in one jurisdiction often builds momentum for others. For example, Hong Kong’s approval of Bitcoin and Ether ETFs in 2024 and Switzerland’s listing of various crypto ETPs set precedents that crypto can be handled safely in an ETF format – lessons the SEC has surely observed.

As we wrap up this extensive overview, the key takeaway is the sheer breadth of crypto offerings that are crossing into traditional markets. By late summer 2025, we expect:

• Multiple single-asset crypto ETFs (beyond BTC/ETH) trading on U.S. exchanges, potentially including SOL, XRP, LTC, DOGE, and more.
• At least one diversified crypto index ETF poised to launch, giving investors one-stop exposure.
• Continued moves by issuers to add even more assets – perhaps the likes of Polygon (MATIC), Stellar (XLM), or others could be next in line, especially once the top 10 are covered.
• Ongoing engagement between the crypto industry and regulators to address any outstanding issues (for instance, how to handle staking yields in ETFs, or how to value more esoteric assets like NFTs – as seen in the exotic PENGU ETF filing).

Finally, stepping back, this influx of ETFs signifies a broader acceptance of crypto as a legitimate asset class. It’s not just about price – it’s about integration. Crypto is being woven into the fabric of mainstream finance, via the same ETF structures that investors use for stocks, gold, or oil. This trend may well accelerate the next phase of crypto adoption, where the conversation moves from “Should we allow a crypto ETF?” to “Which crypto ETFs do we offer, and how do they coexist with tokenized stocks, bonds, and other assets?” As Ric Edelman enthusiastically put it, “once all assets are tokenized, there will be thousands of ETFs (or their tokenized equivalents)… the biggest explosion of investment opportunities ever.” We’re not there yet, but the events of this summer show we’re taking significant steps in that direction.